ESG보고서의 신뢰성과 투자효율성

The credibility of information disclosed in ESG reports has recently become a significant issue worldwide, attracting considerable interest. This study aims to determine the impact of the credibility of ESG reports on investment efficiency. Drawing on discussions from previous studies related to investment efficiency and corporate value, three hypotheses were formulated. To test these hypotheses, a systematic regression analysis method was employed. The results from an empirical analysis of listed securities companies between 2017 and 2021 are as follows. First, companies that underwent external verification of their ESG reports by a third party experienced a decrease in inefficient investment. Moreover, a reduction in inefficient investment was also observed in companies with high-quality ESG disclosure. The combined effect of high ESG disclosure quality and external verification by a third party confirmed a reduction in inefficient investment and overinvestment. Given the limited research on enhancing the credibility of ESG disclosure quality and its relation to investment efficiency and corporate value, this study explores the relationship between factors that improve the credibility of ESG reports and their impact on investment efficiency. The findings offer insights that could enhance the quality of ESG disclosure information by addressing the fundamental connection between corporate value and the credibility of information disclosure in ESG-related reports, which are poised to become mandatory disclosures.